REG - Conygar Investmnt Co - Sale of Haverfordwest

Conygar Investment CoAnnouncement

20/03/2023 07:00

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RNS Number : 4291T  Conygar Investment Company PLC(The)  20 March 2023

 

 

The Conygar Investment Company PLC ("Conygar" or the "Group")

 

Sale of Haverfordwest

 

 

The Conygar Investment Company PLC, the property investment and development
group, announces that, on 17 March 2023, it exchanged contracts on an
unconditional basis to dispose of its development site at Haverfordwest,
Pembrokeshire to The Welsh Ministers and POBL Homes and Communities Limited
for aggregate gross proceeds of £9.65 million. The development site has
outline consent for 729 residential units and 90,000 square feet of
implemented A1 retail.

 

Completion of the sale is contracted to occur on 24 March 2023 for net cash
proceeds, after sale costs, of £9.55 million, resulting in a profit over
carrying value of £0.2 million.

 

The net proceeds are to be utilised primarily in the further progression of
the Group's mixed-use development at The Island Quarter, Nottingham ("TIQ").
As previously announced, the Group also intends to raise additional capital
through the issue of zero dividend preference shares to develop TIQ, which may
also be used for further acquisitions of investment properties and in
realising value from the Group's other development projects.

 

Freddie Jones, Director of Conygar said "We are delighted to have agreed the
sale of Haverfordwest, as part of our plan to focus our resources on those
areas where we expect to see the greatest returns for our shareholders."

 

The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018.

 

Enquiries:

 

The Conygar Investment Company PLC

Robert Ware/Freddie Jones
 
   020 7258 8670

 

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Lindley/Jamie Richards/Will King
                                         020 3100 2222

 

Temple Bar Advisory (Public Relations)

Alex Child-Villiers/Will Barker
 
                     020 7183 1190

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